Patria acquires Milrem Latvia SIA
Patria ISP has acquired 100 % of shares of Milrem Latvia SIA from Milrem LCM OÜ, the company announced on 12 February.
The acquired company will be named Patria Latvia and will focus on the Latvian market.
Patria provides defence, security and aviation life cycle support services and technology solutions to aerospace and military customers. Its solutions include equipment availability, continuous performance development as well as selected intelligence, surveillance and management system products and services.
Jukka Holkeri, president, international support partnerships, Patria, said: ‘This acquisition is part of the execution of Patria’s strategy in which one of the main growth areas is international maintenance and life-cycle support business. Through Patria Latvia, Patria enters the Latvian defence market and is there to stay. Patria will offer a broad scope of services to the Latvian National Armed Forces and to international OEMs operating in Latvia.’
Patria is owned by the State of Finland (50.1%) and Norwegian Kongsberg Defence & Aerospace AS (49.9%).
More from Defence Notes
NATO Defence Ministers met on 15 February to discuss how to further strengthen the alliance’s deterrence and defence followed by a meeting of the NATO-Ukraine Council.
With the possibility of having to confront challenges without substantial US support looming, European nations have been compelled to reassess their defence strategies and prioritise investments to ensure collective security and resilience.
As part of the national security supplemental package, the fund will now be analysed by the House of Representatives.